Virgin Money enhances flexibility and equality with new benefits package

In a bid to enhance flexibility at the business, Virgin Money has detailed its new benefits package that includes equal parental leave for all.

The offering, named ‘A life more Virgin’ builds on flexibility in terms of where, when and how people work, which will also allow staff to choose when and how they take parental leave.

Each of the benefits have been born out of the firm’s purpose of ‘Making you happier about money’.

Employees will now enjoy 30 days of annual leave, as well as five additional wellbeing days each year. Up to five extra days’ holiday can also be purchased, which when coupled with bank holidays, means staff now have the opportunity to take around 50 days off a year.

From day one of employment colleagues will be able to benefit from the perks, which also includes long-term sickness support. Virgin Money explained it would help to remove a significant career barrier for women and for those with long-term health concerns.

Those looking to adopt can take up to 20 weeks fully paid leave and 52 weeks leave overall, with workers having autonomy over when to take it and when to be paid.

Plus, flexibility has been enhanced further as those whose role is not dependant on a specific location will be able to request to work anywhere in the UK.

Similarly, location criteria will be removed for any non-store and non-hub based roles that are recruited for in the future, removing any barriers for existing colleagues moving roles or new recruits joining the business.

Commenting on the launch of the new package, Syreeta Brown, group chief people and communications officer at Virgin Money, said on LinkedIn: “It’s a clear demonstration of our purpose of ‘Making you happier about money’, providing a first-class colleague experience that we know will translate into a fantastic experience for customers.”

Retaining and attracting working parents

As part of the roll out of new benefits, Virgin Money also published new research revealing 60% of working parents would consider leaving their employer because of the poor parental leave on offer.

Due to this, one in seven shared they had already left a job due to feeling unsatisfied with the parental leave available. 29% of working parents also agreed that maternity and paternity leave in the UK is generally outdated.

Virgin Money noted that at a time where recruiting and retaining talent is becoming ever more competitive, offering a “comprehensive and market leading employee benefits package is vital”.

This is backed up by the stats, as 42% of working and expectant parents concurred that equal family leave would encourage them to start working for a business.

To find out how the way of working is continuing to adapt in order to retain and attract talent, secure your ticket at the Reward & Payroll Summit this December to join an exclusive expert panel discussion on the matter.